Jim Cramer said this about the possibility of a recession in 2024:
After a year of stabilization that saw index funds and stocks near or surpass all-time highs and outstanding market performance, 2024 looks to be an optimistic year for traders and investment analysts alike.
With interest rates remaining static and the possibility of multiple rate cuts by the Federal Reserve (FED) in 2024, Jim Cramer, known for his dynamic personality and candid views on stocks and market dynamics, provided insight into the latest developments.
A section from the popular show Lighting Round shared by a stock reporter on wall street silver On December 28, Cramer addressed the recession, weighing the positives and negatives.
“Powell seemed happy because we now have a strong labor market that allows more people to enter the workforce. This means wages will not skyrocket. He didn’t say we had a soft landing, but we did. So, based on today’s news and interest rates, the wind is now blowing on some stocks but not all.”
Twitter users are pessimistic about the market outlook for 2024.
In a notable countertrend movement that is gaining popularity, Cramer’s comments sparked bearish sentiment about the recession on X’s social platform.
One user said: “Oh my god… “The Great Depression 2.0 is coming,” he answered.
“Cramer is the best contra trade ever. This means we are “falling hard,” added another.
Surprisingly, Cramer did not change his stance with the most recent Bitcoin example as he had in the past.
In fact, just a month ago, he told Bank of America strategists who expect the S&P 500 to hit 5,000 in 2024:
“Broadly speaking, I actually agree with Bank of America’s Savita Subramanian that the S&P could go to 5,000,” he said. “But other than the sentiment being too negative, I’m not sure what could get us there, at least for now.”
It remains to be seen whether the popular trend of ‘reverse Cramer’ will prove once again and lead to this year’s recession. One thing is certain: investors are not overly optimistic following these comments.
Source: https://finbold.com/jim-cramer-gives-his-take-on-the-chances-of-a-recession-in-2024/
